Global Fire Safety Equipment Market Outlook, 2027

Global Fire Safety Equipment Market Outlook, 2027

The equipment designed to protect human life/ property from fire accidents by extinguishing the fire is categorized as fire fighting equipment. It can be used by the trained fire-fighters as well as the untrained layman during the fire breaks out or the mechanisms are built within the infrastructure itself. The important factor driving the rise in sales of Fire Protection Equipment is the rising number of lives and assets lost as a result of fire outbreaks, and both the construction industry's expansion and market growth will support market growth. The market is comprehensively evaluated in the study on the global fire protection equipment market.It is anticipated that demand for fire prevention equipment would increase as urbanisation and safety concerns grow. Fire equipment is made up of a variety of tools, from escape equipment to fire fighting supplies and extinguishers. Typical fire protection tools include escape ladders, hydrant wrenches, hydrant valves, wheeled fire extinguishers, dry hydrants, fire extinguishers alarms, fire hoses, fire probing tools, fire blankets, and fire extinguishers brackets.

The recent publication of Bonafide Research under the title – Global Fire Safety Equipment Market Outlook, 2027 provides an in-depth market analysis of the global fire safety equipment industry. This report covers the detailed insights of the equipment based on product category- Fire Detection, Fire Alarm & Fire Suppression. It also included insights along with the value analysis of the fire safety equipment. The report also mentions the competition of leading companies that are involved in the manufacturing of fire safety equipment. The report is classified into 5 regions and 19 countries, along with their local rules & trends. Beyond the the above, the value related to the loss of man-hours due to fire hazards may be a vital concern worldwide, which subsequently encourages industries to deploy fire safety equipment wherever applicable. Protecting human life and property are the primary concerns that drive the market for fire safety equipment. Fire detection and fire suppression are the two main components that support the bifurcation of fire safety equipment.

The increasing awareness about the safety precautions against fire and the rising fire accidents due to carelessness and electricity short circuits have been major drivers of the industry. The market grew to a value difference of more than USD 26000 Million from 2016 to 2027. Apart from this, the increasing construction activities are likely to be a major support for the market growth in the coming years. The need for fire safety precaution in other sectors like the manufacturing industry, petrochemical, power & energy, mining, etc is also to be aiding the market to grow with an anticipated CAGR of more than 5%.

Over the course of the projection period, the market expansion is also anticipated to be supported by the shift toward the installation of technologically improved fire detection systems and environmentally friendly fire suppression chemicals. The introduction of intelligent fire suppression and detection systems, the growth of the Internet of Things (IoT) for the wireless integration of such systems, the enforcement of various safety and building codes, and rising fire safety expenditure by businesses are a few other factors driving market expansion.

Categorized into three segments of Fire Detection, Fire Alarm, and Fire Suppression based on product type, the global market is led by the fire detection segment which held more than half of the market share in the year 2021. Many a time, people tend to consider these products as synonyms for each other, but they hold a significant difference. Yet it is better to prefer a smoke detector over a fire detector for a smaller area to be alert about the potential fire. However, the fire suppression is expected to be the fastest-growing segment with an anticipated CAGR of 6% through the forecasted period.

In the industrial, commercial, and residential sectors, there is an urgent need to build smart systems, such as wireless sensor networks, due to the rise in accidents and property damage as a result of fire outbreaks. In order to mandate the installation of fire safety devices, regulatory authorities from many nations are developing new legislation. North America dominated the market in 2021 and is anticipated to do so again throughout the forecast period. The need for fire safety equipment is being driven by the rapidly expanding building industries in both Canada and the United States.

In terms of end-user application, the market is divided into Industrial, Commercial, and Residential segments, in which the commercial segment held the highest share in 2021. The major reason for this can be attributed to the increasing regulations and policies of the different governments which have made the use of fire safety appliances mandatory. The top reasons for the residential fire accidents are gas cylinders, overheated appliances, and inadequate wirings. Due to the proximity of the residential units and the presence of highly flammable items, the risk associated with the fire break out is also very high.

The prominent players in the global market are targeting more towards their expansion in Asia and Latin America. The local players focus on launching newer products to meet the growing local consumer needs. In addition, the leaders in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base.

Over the projected period, it is predicted that the market would grow as a result of the integration of cutting-edge technology in fire safety equipment. Manufacturers are being prompted to include cutting-edge technologies in fire protection equipment by the risk to human life and property posed by flames. The development of smart buildings is utilising Internet of Things (IoT)-driven Smart Connected Things (Scot), which are developing as infrastructures that are future-ready. These systems are created to identify the probable existence of fire before the conventional smoke detectors by using sensors to accurately monitor a building's temperature. Over the course of the projection period, this is anticipated to improve market growth.

Additionally, intriguing solutions are developing, particularly in the residential and hospitality sectors, such as smoke detectors outfitted with cutting-edge sensor technology that can differentiate between smoke produced by a fire and smoke caused by cooking. Additionally, it is projected that in the upcoming years, the market for visual image detection (VID) software will increase significantly. This software is built to recognise pixels that indicate fire smoke and can inform residents and the fire safety department. Over the projected period, these advancements in the market are anticipated to fuel growth.

Major companies mentioned in the report:
Gentex Corporation, HOCHIKI Corporation, Napco Security Technologies, Inc., Nittan Company, Ltd., Halmaplc, Robert Bosch GmbH, Honeywell International, Inc., Siemens Building Technologies

CONSIDERED IN THE REPORT
• Geography: Global
• Base year: 2020
• Historical year: 2015
• Forecasted year: 2026

REGIONS COVERED:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

ASPECTS COVERED IN THE REPORT
• Market Size by Value for the period (2015-2026F)
• Market Share by Product Type (Fire Detection, Fire Alarm, Fire Suppression)
• Market Share by Application (Commercial, Industrial, Residential)
• Market Share by Region
• Market Share by Country

The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.

Intended Audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the elevator and escalator industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.